Newbie in Alabama!

[Martin Warren]

I am an insurance agent in Alabama and have recently been introduced to REI by a client. I insure about 60 single family dwellings for a guy in town and have been picking his brain each time I've met with him over the past year. I have ordered several books and have started reading them while getting financially ready to start investing. I just wanted some advice since everyone seems so willing to share their experience with the newbies. I have about $35K in equity in my $165k primary home (15 year mortgage). I have $20k cash set aside for my "real estate fund." This is separate from my personal savings (emergency fund). Between my wife and I, we have about $12k left in student loan debt, and about $17k on my wife's new car. We make a decent living between the two of us and are usually able to use about $2000 a month to either save or pay down debt. Should I continue to pay down the debt and not invest until I have no debt other than my primary home? Should I go ahead and try to get a loan and get into a rental and get the ball rolling? In my area, I can purchase a home for about 30-40k that will rent for 400-600 a month. Just curious if anyone has any personal experience with this type of situation. I am trying to be patient and wait until I'm financially ready but I'm also itching to get into the business because I know a lot of people talk about investing and never do. Give me some advice/motivation please!